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3 years ago

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Business

1 answer:

Sholpan [36]3 years ago

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Mike paid $4,000 of interest on a qualified education loan that he used to pay for his dependent son’s college education. How mu

Dmitry [639]

Answer:

$1,250

Explanation:

The cap for student loan in behalf of your son if deductible up to 2,500.

The requirement are:

qualified loan.

married filing jointly which aren't dependents on someone else's tax return

Income below for married filing jointly: 135,000

Above this, it pahses out gradually until 165,000 dollars.

Therefore, the calculation are as follow:

interest paid: 4,000

cap: 2,500

max deduction: 2,500

according to income:

135,000 -> deduction for 2,500

165,000 -> deduction for 0

Mike and his spouse income: 150,000

150,000 is half way so they can deduct half the amount: 1,250

7 0

4 years ago

QS 7-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31,

Kaylis [27]

Answer:

Jan 31

Dr Allowance for doubtful accounts $2,800

Cr Accounts receivable—C. Green $2,800

Mar 09

Dr Accounts receivable—C. Green $2,300

Cr Allowance for doubtful accounts $2,300

Mar 09

Dr Cash $2,300

Cr Accounts receivable—C. Green $2,300

Explanation:

1. Preparation of the journal entry for January 31

Jan 31

Dr Allowance for doubtful accounts $2,800

Cr Accounts receivable—C. Green $2,800

2. Preparation of the journal entries for March 9

Mar 09

Dr Accounts receivable—C. Green $2,300

Cr Allowance for doubtful accounts $2,300

Mar 09

Dr Cash $2,300

Cr Accounts receivable—C. Green $2,300

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3 years ago

Teams generally have which of the following effects on stereotypes and biases in the workplace? a. Teams will reduce communicati

MrMuchimi

I just took the test the answer is ,
- C : teams will reduce tensions between workers

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4 years ago

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On January 1, Whispering Winds Corp. had 62,600 shares of no-par common stock issued and outstanding. The stock has a stated val

Elenna [48]

Answer:

Explanation:

The journal entries are shown below:

1. Cash Dividend A/c Dr $122,838 (62,600 + 16,650) × $1.55

To Dividend payable A/c $122,838

(Being the dividend is declared)

2. Dividend payable A/c $122,838

To Cash A/c $122,838

(Being the dividend is paid)

3. Cash Dividend A/c Dr $142,97 (62,600 + 16,650 + 7,400) × $1.65

To Dividend payable A/c $142,973

(Bring dividend is recorded)

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4 years ago

__ scholarships are awarded based on accomplishments, skills, or academic performance

34kurt

C. Merit-based is the correct answer (APEX)

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4 years ago

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